UPDATE: Cbank revokes license from small Moscow-based Zlatkombank

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MOSCOW, Dec 6 (PRIME) -- The central bank has revoked the banking license from Moscow-based Zlatkombank, RussiaТs 405th largest bank by assets as of November 1, the regulator said in a statement on Thursday.

Zlatkombank did not comply with federal laws regulating banking activities and the central bankТs legal acts, including on money laundering and terrorism financing, and was also involved in dubious transit operations.

The bank has repeatedly underreported credit risks which forced the central bank to require raising the provisioning for possible losses.

The bank is a member of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation. Payments to depositors of the bank will start no later than December 20, the Deposit Insurance Agency (DIA) said in a statement.

The central bank also annulled banking licenses of Moscow-based Economiks-Bank, 424th by assets as of November 1, and Krasnodar-based CDB Bank, 469th by assets as of November 1, due to voluntary liquidation. The banks are members of the deposit insurance system.